India imposed the windfall tax on crude oil producers in July last year
New Delhi:
The government of India has increased the windfall tax on petroleum crude oil to 10,000 rupees ($120.36) per ton from 6,700 rupees, effective September 16, according to a government notification on Friday.
The government has also reduced the windfall tax on aviation turbine fuel to 3.50 rupees per litre from 4 rupees.
The levy on diesel has been reduced to 5.50 rupees per litre from 6 rupees, as stated in the notification.
Earlier on September 1, the government reduced the windfall tax on petroleum crude oil to 6,700 rupees per ton from 7,100 rupees.
India initially imposed the windfall tax on crude oil producers in July last year, and later extended the levy on exports of gasoline, diesel, and aviation fuel. This was done because private refiners wanted to benefit from robust refining margins in overseas markets, rather than selling their products domestically.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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